MicroIslet gets delist notice from American Stock Exchange

By Jennifer Chiou

New York, Aug. 30 - MicroIslet, Inc. said it received a delisting notice from the American Stock Exchange on Aug. 24 stating it was not in compliance with the Amex requirement for filing its 10-QSB for the period ended June 30 with the Securities and Exchange Commission.

According to the notice, the company has until Sept. 8 to submit a plan to the exchange showing the actions it intends to take or has taken to regain compliance by Oct. 6.

The company said it intends to submit its plan "promptly" and will remain listed on the exchange during the period.

On June 28, MicroIslet said in an 8-K its audit committee announced a restatement of the company's fiscal 2004 statements due to errors in the accounting for non-cash expenses related to warrants issued in 2004.

On Aug. 22, the company said it would not be able to file its 10-QSB for the quarter ended June 30 by the deadline because of related accounting issues.

Because of the late filing, Amex informed MicroIslet that its stock symbol will trade with an ".LF" extension.

Based in San Diego, Calif., MicroIslet is a biotechnology company that researches and develops technologies for transplantation therapy related to insulin-dependent diabetes.

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